Veeva Systems Inc (VEEV) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Jay, and I will be your conference operator today. At this time, I would like to welcome everyone to the Veeva Systems fiscal 2025 third-quarter results conference call. (Operator Instructions)

謝謝你的支持。我叫 Jay，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Veeva Systems 2025 財年第三季業績電話會議。（操作員說明）

I would now like to turn the conference over to Gunnar Hansen, Director of Investor Relations. You may begin.

我現在想將會議交給投資者關係總監 Gunnar Hansen。你可以開始了。

Good afternoon, and welcome to Veeva's fiscal 2025 third quarter earnings conference call for the quarter ended October 31, 2024. As a reminder, we posted prepared remarks on Veeva's Investor Relations website, just after 1:00 PM Pacific today. We hope you've had a chance to read them before the call. Today's call will be primarily used for Q&A.

下午好，歡迎參加 Veeva 的 2025 財年第三季財報電話會議（截至 2024 年 10 月 31 日的季度）。謹此提醒，今天太平洋時間下午 1:00 剛過，我們在 Veeva 投資者關係網站上發布了準備好的評論。我們希望您在通話前有機會閱讀這些內容。今天的電話會議將主要用於問答。

With me today are Peter Gassner, our Chief Executive Officer; Paul Shawah, our EVP of Strategy; and Brian Van Wagner, our Chief Financial Officer.

今天與我在一起的有我們的執行長 Peter Gassner； Paul Shawah，我們的策略執行副總裁；以及我們的財務長布萊恩·範·瓦格納 (Brian Van Wagner)。

During this call, we may make forward-looking statements regarding trends, our strategies, and the anticipated performance of the business, including guidance regarding future financial results. These forward-looking statements will be based on our current views and expectations and are subject to various risks and uncertainties. Actual results may differ materially. Please refer to the risks listed in our earnings release and the risk factors included in our most recent filing on Form 10-Q.

在這次電話會議中，我們可能會就趨勢、我們的策略和業務預期業績做出前瞻性陳述，包括有關未來財務表現的指導。這些前瞻性陳述將基於我們目前的觀點和預期，並受到各種風險和不確定性的影響。實際結果可能存在重大差異。請參閱我們的收益報告中列出的風險以及我們最近提交的表格 10-Q 中包含的風險因素。

Forward-looking statements made during the call are being made as of today, December 5, 2024, based on the facts available to us today. If this call is replayed or viewed after today, the information presented during the call may not contain current or accurate information.

電話會議期間所做的前瞻性陳述是基於我們今天掌握的事實，截至 2024 年 12 月 5 日作出的。如果今天之後重播或查看此通話，則通話期間提供的資訊可能不包含當前或準確的資訊。

Veeva disclaims any obligation to update or revise any forward-looking statements. We may discuss our guidance on today's call, but we will not provide any further guidance or updates on our performance during the quarter unless we do so in a public form.

Veeva 不承擔更新或修改任何前瞻性陳述的義務。我們可能會在今天的電話會議上討論我們的指導，但除非以公開形式提供，否則我們不會提供有關本季度業績的任何進一步指導或更新。

On the call, we may also discuss certain non-GAAP metrics that we believe aid in the understanding of our financial results. A reconciliation to comparable GAAP metrics can be found in today's earnings release and in the supplemental investor presentation, both of which are available on our website.

在電話會議上，我們也可能討論某些我們認為有助於理解我們財務表現的非公認會計準則指標。您可以在今天的收益報告和補充投資者簡報中找到與可比較 GAAP 指標的調節，兩者均可在我們的網站上找到。

With that, thank you for joining us, and I'll turn the call over to Peter.

感謝您加入我們，我會將電話轉給 Peter。

Thank you, Gunnar, and welcome, everyone, to the call. Q3 was another strong quarter of execution and innovation. We delivered financial results above our guidance with total revenue of $699 million and non-GAAP operating income of $304 million. It was a really great quarter of execution by the Veeva team. We saw a broad-based adoption in all areas of Development Cloud. We also had a number of significant milestones in commercial, including great progress on Vault CRM. It's an exciting time as we look ahead to our 2030 goals.

謝謝你，Gunnar，歡迎大家參加電話會議。第三季是執行和創新的另一個強勁季度。我們的財務表現高於預期，總收入為 6.99 億美元，非 GAAP 營業收入為 3.04 億美元。Veeva 團隊在這個季度的執行力確實非常出色。我們看到開發雲端的所有領域都得到了廣泛的採用。我們也在商業領域取得了許多重要的里程碑，包括 Vault CRM 的巨大進展。當我們展望 2030 年目標時，這是一個令人興奮的時刻。

We'll now open up the call to your questions.

我們現在將開始回答您的問題。

(Operator Instructions) Saket Kalia, Barclays.

（操作員指示）Saket Kalia，巴克萊銀行。

Okay. Great. Hey, guys. Thanks for taking my questions here, and nice job this quarter. Peter, maybe just to start with you, to your point, Veeva did have some nice innovation this quarter, particularly with Vault CRM. So I was wondering, as you talk to customers about their migration away from Veeva CRM and away from other potential competitors, what sort of the future -- what are the future road maps that you're sort of speaking to them around the benefits of Vault CRM?

好的。偉大的。嘿，夥計們。感謝您在這裡提出我的問題，祝本季工作順利。Peter，也許只是從您開始，就您的觀點而言，Veeva 本季確實有一些不錯的創新，特別是 Vault CRM。因此，我想知道，當您與客戶談論他們從 Veeva CRM 遷移並遠離其他潛在競爭對手時，未來是什麼樣的 - 您與他們談論的未來路線圖是什麼？

I guess, as we all sort of wonder about the effort involved in moving off of Veeva CRM, what are you talking about the main benefits when moving to Vault CRM, if that makes sense?

我想，正如我們都對遷移 Veeva CRM 所涉及的工作感到好奇一樣，您所說的遷移到 Vault CRM 時的主要好處是什麼（如果有道理的話）？

Yeah, Saket, excellent question. I'll try to keep that crisp. One of the benefits is, is a really important one that they've always appreciated from Veeva is continuous innovation of features. So you see the Veeva CRM team, that great Veeva CRM product team, product management team who's been keeping that, that industry-leading application for the years, that's now on Vault CRM. So the way to stay on that innovation train is to be on Vault CRM. So they're looking forward to that.

是的，Saket，很好的問題。我會盡力保持清爽。Veeva 的優點之一是，他們一直欣賞 Veeva 的一項非常重要的好處，那就是功能的持續創新。所以你會看到 Veeva CRM 團隊，偉大的 Veeva CRM 產品團隊，產品管理團隊多年來一直保持著行業領先的應用程序，現在已經在 Vault CRM 上。因此，留在創新列車上的方法就是使用 Vault CRM。所以他們對此很期待。

The other one is the idea of a platform for customer centricity that can span sales, medical, marketing, and service, a single view of the records so that they can both be more efficient with their customers, but also more respectable.

另一個想法是建立一個以客戶為中心的平台，涵蓋銷售、醫療、行銷和服務，提供單一記錄視圖，以便他們能夠更有效率地與客戶打交道，同時也更受人尊重。

Now, for -- in life science as you have smaller biotechs, they may have 200 people in their company. They have large biopharma. They may have 50,000 people in their company and over 20,000 people in their fields. So there's different levels of appetite for change. You can change 200 people faster than you can change 20,000 people.

現在，在生命科學領域，由於生物技術規模較小，他們的公司可能有 200 名員工。他們擁有大型生物製藥公司。他們的公司可能有 5 萬人，他們的領域可能有 2 萬多人。因此，人們對改變的渴望程度不同。你改變 200 個人的速度比改變 20,000 個人的速度還要快。

So for the small biotechs, they're looking forward to like, wow, we could just jump on and we could just be clean on that quickly. For the larger companies with 20,000 employees, they will look to be enthused about, well, there's potential there, right? We could change to that when we want to, if Veeva delivers that in the way we think they're going to. So they view it as optionality.

因此，對於小型生物技術公司來說，他們期待著，哇，我們可以直接跳上來，我們可以很快就乾淨了。對於擁有 20,000 名員工的大公司來說，他們會對此充滿熱情，嗯，那裡有潛力，對嗎？如果 Veeva 以我們認為的方式實現的話，我們可以在需要時進行更改。所以他們認為這是一種選擇。

Got it. Super helpful. Brian, maybe for my follow-up for you. It was great to see the strong Q4 billings outlook remain largely unchanged, of course, on the back of a strong Q3 as well. Maybe the question is, can you just talk a little bit about how much the CDMS ramps are contributing to that? And how you sort of think about CDMS as a driver for billings going into next year as well, even anecdotally?

知道了。超有幫助。布萊恩，也許是為了我對你的後續行動。很高興看到第四季強勁的帳單前景基本上保持不變，當然，第三季也表現強勁。也許問題是，您能否簡單談談 CDMS 斜坡對此有何貢獻？您如何看待 CDMS 作為明年帳單的驅動因素，甚至是軼事？

Yeah. Thanks, Saket. So I think we're not going to get into the specific detailed billings information by product area. But overall, within CDMS, I'd say it's playing out about as we expected. You recall, a lot of the CDMS growth is predefined multiyear ramps.

是的。謝謝，薩凱特。因此，我認為我們不會按產品領域詳細了解具體的帳單資訊。但總的來說，在 CDMS 內，我想說它的發展正如我們所預期的。您還記得嗎，CDMS 的許多成長都是預先定義的多年成長。

And so those are largely proceeding as expected. And then more broadly, in Q4, and generally going forward, I think our growth in our billings are driven more by a broad base of products than any one product in particular.

所以這些基本上都是如預期進行。更廣泛地說，在第四季度，以及總體上展望未來，我認為我們的帳單成長更多是由廣泛的產品基礎驅動的，而不是任何特定的產品。

Very helpful. Thanks, guys.

非常有幫助。謝謝，夥計們。

Ken Wong, Oppenheimer.

肯·黃，奧本海默。

Great. Thanks for taking my question. This first one, just could be Peter or Paul. You touched on MLR bot as potentially being a second -- well, it will be a separate license. One, I guess, what kind of early interest are you getting there?

偉大的。感謝您提出我的問題。第一個可能是彼得或保羅。您提到 MLR 機器人可能是第二個 - 嗯，它將是一個單獨的許可證。一，我想，你對那裡有什麼樣的早期興趣？

And then two, when we think about the potential monetization, is it going to be comparable to one of your Commercial modules, which I think in the past, you've said is a 10% to 15% uplift? Or is this something more value-add and something you can charge higher for?

然後第二個問題，當我們考慮潛在的貨幣化時，它是否可以與您的商業模組之一相媲美，我認為您過去曾說過該模組有 10% 到 15% 的提升？或者這是更具附加價值並且可以收取更高費用的東西？

Yeah. Ken, thanks for the question. This is Paul. So I was at our Europe Summit event where we announced MLR Bot, something we've been thinking about and evaluating for some time. We think we can help advance how our customers get their commercial content approved and do that more efficiently. That's what this is about providing checks using GenAI to understand and provide insights as to what parts of the content they need to spend time on and what parts of the content they can move very quickly with.

是的。肯，謝謝你的提問。這是保羅。我在歐洲峰會活動上宣布了 MLR Bot，這是我們一段時間以來一直在思考和評估的東西。我們認為我們可以幫助客戶提高其商業內容獲得批准的方式，並更有效地做到這一點。這就是使用 GenAI 提供檢查，以了解並提供關於他們需要花時間處理內容的哪些部分以及他們可以快速移動內容的哪些部分的見解。

So there's a lot of excitement. This is a really core process for life sciences companies. So a lot of excitement there. We are planning on -- this will be a separate license. It will be -- the way to think about it is roughly an add-on to what we're providing in PromoMats.

所以大家都很興奮。對於生命科學公司來說，這是一個真正的核心流程。所以那裡很興奮。我們正在計劃——這將是一個單獨的許可證。考慮它的方式大致是我們在 PromoMats 中提供的內容的附加元件。

And then in terms of sizing and the monetization, we're still working through the details on that, but there's a ton of excitement from our existing customers. We look forward to getting some early customers started on that as we go into next year.

然後在規模和貨幣化方面，我們仍在研究細節，但我們現有的客戶非常興奮。我們期待在明年開始時讓一些早期客戶開始使用它。

Got it, perfect. And then, Brian, also in the prepared remarks, you guys touched on kind of good billings upside driven by services. And when I think about the year -- first part of the year, perhaps some pushout in services. Now, you're calling out potentially some better services. Anything to read into that? Or again, maybe more just kind of one-off timing dynamic?

明白了，完美。然後，布萊恩，也在準備好的演講中，你們談到了由服務驅動的良好的賬單上漲。當我想到這一年時——今年上半年，服務業可能會出現一些下滑。現在，您正在尋求一些可能更好的服務。有什麼值得讀的嗎？或者，也許只是一種一次性的時序動態？

Thanks, Ken. I think, overall, really pleased with the execution from the team on both the subscription and the services side in the quarter. We saw several projects complete or progress more quickly than we previously expected. And so that's the main driver of the beat on revenue and billings for services. I think you'll recall that the earlier part of the year, we had several different factors impacting performance, one of which was subcontractor revenue.

謝謝，肯。我認為，總的來說，我對團隊本季在訂閱和服務方面的執行非常滿意。我們看到幾個項目的完成或進展速度比我們之前預期的要快。因此，這是服務收入和帳單成長的主要推動力。我想您會記得，今年早些時候，我們有幾個不同的因素影響業績，其中之一是分包商收入。

And so I think what we're seeing now is stabilizing of that base and pleased with the team's work in Q3 and as we look ahead.

因此，我認為我們現在看到的是基礎的穩定，並對團隊在第三季的工作以及我們展望未來感到滿意。

Okay, fantastic. Thanks a lot, guys.

好吧，太棒了。非常感謝，夥計們。

Joe Vruwink, Baird.

喬·弗魯溫克，貝爾德。

Great. Thanks for taking my questions. In the prepared remarks, there was mention that Veeva is making progress on several large strategic partnership opportunities in Development Cloud. I wanted to see if these are maybe similar in scope to how Veeva has come to work with the likes of Merck and BI and what was discussed under kind of those large strategic engagements? And if not or if so, can you maybe speak to any commonality in terms of the discussions you're having the type of solutions or end objectives that sponsors are looking to achieve and see as possible by just leveraging Veeva in a greater way?

偉大的。感謝您回答我的問題。在準備好的發言中，有人提到 Veeva 正在開發雲端領域的幾個大型策略合作機會上取得進展。我想看看這些是否與 Veeva 與 Merck 和 BI 等公司的合作範圍相似，以及在這些大型策略合作中討論了什麼？如果不是，或者如果是，您能否就您正在討論的解決方案類型或贊助商希望透過以更好的方式利用 Veeva 實現並認為可能實現的最終目標談談任何共同點？

Yes, this is Peter. I'll take that one. I want to say this carefully, I would say similar but not the same as BI and Merck. And similar in that, it's a strategic level and it is across product lines. But each one is different in its own way. Part of that has to do with we have more products that are mature now than if you look when we have a great program with BI, the One Medicine -- Boehringer Ingelheim, the One Medicine program.

是的，這是彼得。我會接受那個。我想仔細說一下，我會說與BI和默克相似但不一樣。類似的是，它是一個戰略層面，而且是跨產品線的。但每個人都有自己的不同之處。部分原因在於我們現在擁有更多成熟的產品，比你看到的時候我們有一個偉大的 BI（單一藥物）計劃——勃林格殷格翰（Boehringer Ingelheim）單一藥物計劃。

Now, that was -- few years ago, really, when the genesis of that started. We have more products now in the clinical and the quality area that are mature.

現在，那確實是幾年前，當它開始的時候。我們現在在臨床和品質領域有更多成熟的產品。

So discussion is now both -- it's more expensive. We have more products to talk about. And then sometimes, these discussions are going to be very particular. It might be just in the clinical area, but it might be across all the clinical products or it might be focused on the regulatory and the clinical operations area. But again, those are bigger areas than they used to be.

所以現在的討論是——它更昂貴。我們還有更多產品可以討論。有時，這些討論會非常特別。它可能只在臨床領域，但也可能涉及所有臨床產品，或集中在監管和臨床操作領域。但同樣，這些區域比以前更大。

So summary, there is similar, but different. Just as all of the top 20 pharma companies are different from each other, they have different cultures, they have different product portfolios, they have different objectives, and they have different people. So they're not all going to be the same.

所以總結一下，有相似，但也有不同。正如所有排名前 20 的製藥公司都彼此不同，他們有不同的文化，有不同的產品組合，有不同的目標，也有不同的人員。所以它們不會都一樣。

Okay. That's very helpful. And then, I guess, I'll ask my annual question just given customers are well into their budgeting for the new year. Veeva typically has good visibility at this point in terms of how some of those plans are coming together. How does your visibility on intended performance in 2026 compared to what you normally have at this point in time? Not asking for a number, but just kind of how visibility compares? And would you maybe say it's any better or worse by virtue of things like ramping agreements that you know are coming or just the state of active discussions with customers?

好的。這非常有幫助。然後，我想，考慮到客戶已經很好地制定了新的一年的預算，我會問我的年度問題。Veeva 目前通常對其中一些計劃如何整合有很好的了解。與目前的正常情況相比，您對 2026 年預期績效的了解如何？不要求一個數字，但只是比較可見度如何？您是否會說，由於您知道即將達成的協議或只是與客戶積極討論的狀態，情況會變得更好還是更糟？

This is Peter. I would say marginally better visibility as compared to a year ago. I think our customers have settled into this macro environment a little bit more. I also think we have more buys with the Apple. Every year, we have more mature products.

這是彼得。我想說的是，與一年前相比，能見度略有提升。我認為我們的客戶已經更加適應了這個宏觀環境。我還認為我們對蘋果的購買更多。每年我們都會有更成熟的產品。

So therefore, no one particular thing is swinging things one way or the other. And as you mentioned, we have these ramps. So I would say slightly more visibility, but nothing dramatically different.

因此，沒有任何一件事會以這種或另一種方式改變事物。正如您所提到的，我們有這些坡道。所以我想說的是，可見度稍微高一點，但沒有什麼顯著不同。

Great. Thank you very much.

偉大的。非常感謝。

Brian Peterson, Raymond James.

布萊恩彼得森，雷蒙德詹姆斯。

Hi, gentlemen. Thanks for taking the question, and congrats on the strong quarter. Peter, I just certainly wanted to hit on the regulatory backdrop. I know there's a lot of potential changes coming in the Trump administration, at least that are being discussed. I'd love to understand what your customer feedback has been there? And how you think about the potential implications to Veeva under a new administration?

嗨，先生們。感謝您提出問題，並祝賀本季的強勁表現。彼得，我當然想談談監管背景。我知道川普政府將做出很多潛在的改變，至少正在討論這些改變。我很想了解您的客戶回饋是什麼？您如何看待新政府領導下 Veeva 的潛在影響？

Paul -- do you want to take that one, Paul?

保羅－你想要那個嗎，保羅？

Yeah, Peter, I'll take that one. So Brian, thanks for the question. So first, it's very early, right? There's still a lot of things that need to be settled out as it relates to the administration change. Nominations need to be confirmed, priorities need to be established, all of that sort of stuff. And our customers are accustomed to this, right? They've seen administration changes before they know that in some cases, there's some uncertainty and things may change in the future.

是的，彼得，我想要那個。布萊恩，謝謝你的提問。首先，現在還很早，對吧？由於涉及政府變動，還有很多事情需要解決。提名需要得到確認，優先事項需要確定，諸如此類的事情。我們的客戶對此已經習慣了，對嗎？他們在知道在某些情況下存在一些不確定性並且未來情況可能會發生變化之前就已經看到了政府的變化。

And what we see is our customers are just focused on what they need to do. They have priorities. They have work that needs to get done right now, and they're focused on that. So we're not really seeing any change in how customers are making decisions or how they're thinking about projects.

我們看到的是，我們的客戶只專注於他們需要做的事情。他們有優先事項。他們現在有需要完成的工作，並且專注於此。因此，我們並沒有真正看到客戶的決策方式或他們對專案的思考方式有任何變化。

Remember, a lot of these projects that they have with us have been planned well in advance. These are mission-critical systems. So things are largely continuing as planned. And I think as things change, as things become reality, the industry will react accordingly. But so far, it's business as usual.

請記住，他們與我們合作的許多項目都是提前計劃好的。這些是關鍵任務系統。所以事情基本上是按計劃進行。我認為隨著事情的變化，隨著事情成為現實，產業將會做出相應的反應。但到目前為止，一切如常。

Got it. And maybe a follow-up for Brian. The margin upside this quarter was really impressive. Just anything that you would call out in terms of timing of expenses in the third quarter? I would appreciate any perspective there. Thanks, guys.

知道了。也許是布萊恩的後續行動。本季的利潤率上升確實令人印象深刻。關於第三季的支出時間，您有什麼想說的嗎？我將不勝感激那裡的任何觀點。謝謝，夥計們。

Hey, Brian. Thanks for the question. This is Brian as well. So in Q3, I think the revenue outperformance roughly speaking about half driven by the revenue beat and then a quarter driven by the timing of expenses and the quarter -- remaining quarter driven by just continued expense discipline. So on those timing elements that you asked about, there's some things that we expected to hit in Q3 that will instead move into Q4 or into Q1. And we always expect some variability there, but nothing specific.

嘿，布萊恩。謝謝你的提問。這也是布萊恩。因此，在第三季度，我認為收入表現優異大約一半是由收入成長驅動的，然後是一個季度由支出時間和季度驅動的——剩下的季度是由持續的支出紀律驅動的。因此，關於您詢問的那些時間因素，我們預計在第三季度實現的一些內容將轉移到第四季度或第一季。我們總是期望那裡有一些變化，但沒有什麼具體的。

Ryan MacDonald, Needham & Co.

瑞安麥克唐納，李約瑟公司

Peter, maybe I just wanted to ask on the Boehringer Ingelheim deal on the large Vault win there. Just curious as to what the tender or thoroughness of the evaluation process that maybe they were going through and how that compares to other prospective migrations in the pipeline from the top 20? Just trying to understand maybe how deep they are sort of evaluating other solutions in the marketplace versus just sort of being a Veeva-only type discussion at this point? Thanks.

彼得，也許我只是想詢問勃林格殷格翰 (Boehringer Ingelheim) 與 Vault 的重大勝利的交易。只是好奇他們可能正在經歷的評估過程的溫柔性或徹底性如何，以及與前 20 名正在醞釀的其他潛在遷移相比如何？只是想了解他們對市場上其他解決方案的評估有多深入，而不是目前僅進行 Veeva 類型的討論？謝謝。

Yeah. Thanks for the question, Ryan. I'll take this one. First of all, the Boehringer Ingelheim announcement was super exciting. It's an innovative company. You may have heard the fireside discussion I had with their CIO, Markus, talking about the innovation what they have in front of them over the next five years or so in terms of product launches. They're looking -- they were looking for consistency, a partner that can execute. They talked about that in that conversation.

是的。謝謝你的提問，瑞安。我要這個。首先，勃林格殷格翰的宣布非常令人興奮。這是一家創新公司。您可能聽過我與他們的 CIO Markus 進行的爐邊討論，討論了他們在未來五年左右的時間裡在產品發布方面面臨的創新。他們正在尋找——他們正在尋找一致性、能夠執行的合作夥伴。他們在那次談話中談到了這一點。

You heard them saying that a lot of vendors promised a lot of things and Veeva was one that has consistently delivered for them over the long term, and that's not something to be taken for granted, right? So that's -- it's really about execution and then, of course, the full innovation road map and where we're headed.

您聽到他們說，許多供應商承諾了很多東西，而 Veeva 是一個長期為他們提供服務的供應商，這不是理所當然的事情，對吧？所以這實際上是關於執行，當然還有完整的創新路線圖以及我們的前進方向。

Did they do a thorough analysis? Absolutely, right? And all these customers are thinking deeply. They all have their own process. Every customer is a little bit different and unique. Some customers will make decisions for different reasons.

他們有沒有進行徹底的分析？絕對，對吧？所有這些客戶都在深入思考。他們都有自己的流程。每個客戶都有一點不同和獨特。有些客戶會因為不同的原因做出決定。

So you'll see different decision-making, but I would say in some respects, they're thorough in their own ways, but their -- these decisions are made by people, which means there's naturally differences in how they make decisions.

所以你會看到不同的決策，但我想說，在某些方面，他們以自己的方式是徹底的，但他們的——這些決定是由人們做出的，這意味著他們的決策方式很自然存在差異。

Helpful, thanks very much. Maybe just a follow-up for Brian. Obviously, with the rollout of these generative AI applications, a few of them being sort of included at no additional charge. How should we think about how that impacts gross margins going into next year, understanding that, obviously, we're not giving guidance yet for next year? But just generally, how you think that as the adoption and usage of that, the GenAI apps grows over the next year, any sort of impact we should expect from a margin perspective? Thanks.

有幫助，非常感謝。也許只是布萊恩的後續行動。顯然，隨著這些生成式人工智慧應用程式的推出，其中一些應用程式是免費包含在內的。我們應該如何考慮這將如何影響明年的毛利率，顯然我們還沒有給出明年的指導？但總的來說，您如何看待隨著 GenAI 應用程式的採用和使用在明年的成長，從利潤角度來看我們應該預期會產生什麼影響？謝謝。

Peter, do you want to take that one?

彼得，你想拿那個嗎？

Yeah, I will take that. Generally, we announced two GenAI solutions, one we call CRM bot and the other one, MLR Bot. MLR Bot, we will charge for and that's where we will host and run a large language model. Not our own large language model, right. We'll use one from the big tech providers, but we will be paying for the compute power for that, and so we'll be charging for that.

是的，我會接受的。一般來說，我們發布了兩種 GenAI 解決方案，一種我們稱為 CRM 機器人，另一種稱為 MLR Bot。MLR Bot，我們將收費，這就是我們將託管和運行大型語言模型的地方。不是我們自己的大型語言模型，對吧。我們將使用大型技術提供者提供的產品，但我們將為此支付運算能力費用，因此我們將為此收費。

For the CRM bot, that's where we will hook our CRM system into the customers' own large language model that they're running. And that's where we will not charge for, and we will not incur compute cost.

對於 CRM 機器人，我們將在這裡將 CRM 系統連接到客戶自己運行的大型語言模型中。這就是我們不會收費的地方，也不會產生計算成本。

So where we have to use significant compute power, we will most likely charge. And where we don't, we most likely won't. There won't be any material impact to our gross margin. In general, Brian, you've given your thoughts on the gross margin profile for 2030, and we don't -- AI is not going to change that. That's all factored in.

因此，當我們必須使用大量運算能力時，我們很可能會收費。如果我們不這樣做，我們很可能不會這樣做。這不會對我們的毛利率產生任何重大影響。總的來說，Brian，您已經給出了對 2030 年毛利率狀況的想法，但我們沒有——人工智慧不會改變這一點。這都是考慮因素。

Appreciate the clarification. Thanks you.

感謝您的澄清。感謝您。

Anne Samuel, JPMorgan.

安妮‧塞繆爾，摩根大通。

Hi, thanks so much for taking the question. You highlighted that your safety solutions are approaching a tipping point. And I was wondering if maybe you could provide a little bit more color about what that means.

您好，非常感謝您提出問題。您強調，您的安全解決方案正接近臨界點。我想知道您是否可以提供更多關於這意味著什麼的資訊。

And then could you just remind us of the relative size of this market? What's the unmet need? And where Veeva is differentiated here?

那麼您能否提醒我們這個市場的相對規模呢？未滿足的需求是什麼？Veeva 的與眾不同之處在哪裡？

Yeah. So it's more of a feeling when you're approaching a tipping point, it's a little bit different than being at the tipping point. So it's the level of depth of the customer conversations we're having in multiple large customers. Every year, the legacy systems that they're using are aging a little bit. And every year, our cloud-based solutions are getting better and they're getting more optimized and more people are using them.

是的。因此，當你接近臨界點時，這更像是一種感覺，它與處於臨界點時有點不同。所以這是我們與多位大客戶進行的客戶對話的深度。每年，他們使用的遺留系統都會有點老化。每年，我們基於雲端的解決方案都在變得更好，並且更加優化，並且有更多的人在使用它們。

And it's kind of like that. You have a feeling that the tipping point is coming. We've also filled out our suite. We have our core safety processing application, which we've had for some time, but now we have Safety signal and safety workbench available. Those are -- so those are things they need.

有點像那樣。你有一種感覺，轉折點即將到來。我們也已經填滿了我們的套房。我們擁有核心安全處理應用程序，該應用程式已經使用了一段時間，但現在我們擁有安全訊號和安全工作台。這些是——所以這些是他們需要的東西。

And in terms of what they're looking for is, a, they do want a cloud-based system because they don't -- the idea of doing upgrades and taking changes in that stuff is unappealing. Lot of these systems are legacy and aging. So there's one just modernization.

就他們正在尋找的東西而言，a，他們確實想要一個基於雲端的系統，因為他們不需要——對這些東西進行升級和更改的想法沒有吸引力。其中許多系統都是遺留系統並且已經老化。所以只有現代化。

But the second one is advanced automation. Within the safety system to do some things without manual intervention and then across systems, for example, between clinical data management and the safety system, there's a lot of innovation that we can do because we have both sides of those applications. So they're looking for automation, not to take the people totally out of the loop because the people have to be in the loop to know what's going on so that they can care and notice and act appropriately but to free them up from the redundant activities that they don't need to be doing.

但第二個是先進的自動化。在安全系統內做一些事情不需要人工幹預，然後跨系統，例如在臨床資料管理和安全系統之間，我們可以做很多創新，因為我們擁有這些應用程式的兩面。因此，他們正在尋找自動化，不是讓人們完全脫離循環，因為人們必須處於循環中才能知道發生了什麼，這樣他們才能關心、注意到並採取適當的行動，而是將他們從多餘的事情中解放出來。

That's really helpful. Thank you. And then maybe just one more. You noted that your customers are, as you said, settling into the current macro. And I was wondering, are you viewing this as the new normal? And if not, what are you monitoring for early signs of an inflection from here? And which areas of your business would really see a change first? Thanks.

這真的很有幫助。謝謝。然後也許還有一個。正如您所說，您注意到您的客戶正在適應當前的宏觀情況。我想知道，您是否認為這是新常態？如果沒有，您正在監測什麼來觀察從這裡開始的拐點的早期跡象？您的哪些業務領域會先真正看到改變？謝謝。

Yeah. I think this level of uncertainty that we have in the macro is now what people are accustomed to know. I guess it could change, right? But we won't know if it's changing unless it does change. We haven't detected that. So they're just sort of settling in to getting work done.

是的。我認為人們現在已經習慣了宏觀層面的不確定性。我想它可能會改變，對嗎？但除非它確實發生變化，否則我們不會知道它是否正在改變。我們還沒有發現這一點。所以他們只是想安頓下來完成工作。

Actually, code was not that long ago, and that was a real shock to the system, right? That was very, very non-normal. And then the two conflicts that we had started, that was also very, very normal. But now, people are getting a little bit more used to these things, [highest] shapes, right? For a while, the company have gotten used to very low interest rates. Now, it's back to, okay, well, interest is not free anymore. So I don't want to call it really the new normal, but I guess it is new normal.

事實上，程式碼並不是很久以前的事，這對系統來說是一個真正的衝擊，對吧？這是非常非常不正常的。然後我們引發的兩次衝突，這也是非常非常正常的。但現在，人們越來越習慣這些東西，[最高的]形狀，對吧？一段時間以來，該公司已經習慣了極低的利率。現在，又回到了，好吧，利息不再是免費的了。所以我不想稱之為新常態，但我想這是新常態。

Really helpful. Thank you.

真的很有幫助。謝謝。

Dave Windley, Jefferies.

戴夫·溫德利，杰弗里斯。

So hi. Thank you, and I apologize for any background noise if it comes through. I was wondering -- I understand you answered the question about changes in administration earlier. But theoretically, if appointments were approved and if appointments followed through on some of their desires and direct-to-consumer advertising was eliminated, how would that impact your business model possibly related? Thanks.

太嗨了。謝謝，如果出現任何背景噪音，我深表歉意。我想知道—據我所知，您早些時候回答了有關行政管理變更的問題。但從理論上講，如果預約獲得批准，並且預約能夠滿足他們的某些願望，並且直接面向消費者的廣告被取消，這會對您的商業模式產生什麼影響？謝謝。

Yeah. Dave, thanks for the question. So your question, actually, the way you framed it was interesting, right? There's a lot of ifs there, there's a lot of things that would actually have to happen for that to become a reality. Denominations, the priorities, the policy, potentially even legislation to make that happen. So it would be a lot to happen, but it'd certainly be a major change, right? And probably something that's challenged, right?

是的。戴夫，謝謝你的提問。所以你的問題，實際上，你提出問題的方式很有趣，對吧？那裡有很多如果，實際上必須發生很多事情才能成為現實。教派、優先事項、政策，甚至可能是立法來實現這一目標。所以將會發生很多事情，但這肯定是一個重大變化，對吧？也許是受到挑戰的事情，對吧？

Just the idea of changing access to patients' rights to information, for example, could become a barrier to that kind of thing happening. So a lot would have to happen, but -- and I think it will likely be challenged. In terms of what happens to our business, I think this is the kind of thing that if it were enacted, it would take many, many years because of it being challenged. So I don't expect any near-term impact on our business.

例如，僅僅改變患者獲取資訊的權利的想法就可能成為此類事情發生的障礙。因此，必須發生很多事情，但是——我認為這可能會受到挑戰。就我們的業務發生的情況而言，我認為如果頒布的話，需要很多很多年的時間，因為它受到了挑戰。因此，我預計短期內不會對我們的業務產生任何影響。

And I haven't seen our customers really reacting in any sort of negative way, even given some of the commentary that's been out there. So I think it's kind of deal with it when it happens, and I think that's how our customers are thinking about it and focus on the near term.

即使考慮到一些評論，我也沒有看到我們的客戶真正做出任何負面反應。所以我認為，當事情發生時，我們就應該採取應對措施，我認為這就是我們的客戶思考問題並專注於短期的方式。

Kirk Materne, Evercore.

柯克·馬特納，Evercore。

Hi, this is Bill on for Kirk, and thanks for taking my question. In the prepared remarks, you noted that Crossix has been driving commercial growth. What factors that play would you say are driving this performance?

大家好，我是柯克的比爾，感謝您提出我的問題。在準備好的演講中，您指出 Crossix 一直在推動商業成長。您認為哪些因素推動了這種表現？

I think really good execution by the Crossix team. The real innovation that they're doing, particularly in the Audiences area, what the micro audiences is getting more fine-tuned. Also, our Data Network is growing all the time. We have our Data Network, we leverage that for Compass and Crossix. So our Data Network is getting more rich all the time as we add more data sources.

我認為 Crossix 團隊的執行力非常好。他們正在做的真正的創新，特別是在受眾領域，微型受眾正在變得更加微調。此外，我們的數據網路一直在成長。我們有自己的數據網絡，我們將其用於 Compass 和 Crossix。因此，隨著我們增加更多資料來源，我們的資料網路也變得越來越豐富。

We have competition in those markets for sure. I think our competition has had some stumbles in the last year or two and maybe made some promises that they couldn't deliver on. And Veeva tend to do well, right? When a new player comes into a market, makes a lot of promises and then doesn't do well, that creates a tailwind for us. So I think that's a positive.

我們在這些市場上肯定存在競爭。我認為我們的競爭對手在過去一兩年中遇到了一些挫折，也許做出了一些無法兌現的承諾。Veeva 往往表現良好，對嗎？當一個新玩家進入市場，做出很多承諾但表現不佳時，這就會為我們帶來順風。所以我認為這是積極的。

Also, the integration with our CRM product, I think, is something that customers are noticing, the integration with the rest of this (inaudible) But overall, Crossix, the main driver of our strength -- is not the main driver of our strength in commercial, it's one of the drivers that it's the CRM products, the commercial content products, Compass had a good quarter, et cetera. Crossix was one of the wheels on the train.

另外，我認為，與我們的 CRM 產品的整合是客戶注意到的，與其他產品的整合（聽不清楚）但總體而言，Crossix，我們實力的主要驅動力 - 並不是我們實力的主要驅動力在商業方面，CRM 產品、商業內容產品是驅動因素之一，Compass 的季度表現不錯，等等。Crossix 是火車的輪子之一。

Thanks for taking my questions.

感謝您回答我的問題。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, good afternoon. Thank you. I think this one is for Paul. Paul, why don't we visit the discussion on commercial growth and specifically on what's happening with the seat count dynamic versus the add-on and the upsell dynamic within seat count based commercial? Maybe just give us an update on how those two factors are playing out? And to what extent you're still seeing pressure in seat count? And to what extent you feel confident that you can offset any seat count pressure without? Thank you.

嗨，下午好。謝謝。我認為這是給保羅的。保羅，我們為什麼不參加關於商業成長的討論，特別是關於座位數動態與基於座位數的商業廣告中的附加產品和追加銷售動態之間發生的情況？也許只是給我們介紹這兩個因素的最新情況？您在多大程度上仍然看到座位數方面的壓力？您在多大程度上有信心能夠抵銷任何座位數壓力？謝謝。

Yeah. So I think your question is about seat count as well as in core CRM also as it relates to the add-ons. So overall, the market is relatively stable. So we -- over the last couple of years, you've heard us talk about some of the shifts in the dynamics as the industry has become a little more digital, we saw some reductions. That has generally stabilized out. So although you may see individual companies adding or reducing their rep counts on average, the industry is relatively stable. So I don't expect much change there.

是的。因此，我認為您的問題是關於席位數以及核心 CRM 的問題，因為它與附加元件有關。所以整體來說，市場還是比較穩定的。因此，在過去的幾年裡，您已經聽到我們談論隨著行業變得更加數位化而發生的一些動態變化，我們看到了一些減少。這已經基本穩定下來。因此，儘管您可能會看到個別公司平均增加或減少代表數量，但該行業相對穩定。所以我預計那裡不會有太大變化。

As it relates to our add-on products, we continue to make progress there, meaning the attach rates become higher as every quarter goes on, we tend to increase our attach rates for some of those products. Some have higher attach rates, others still have more room to grow.

由於它與我們的附加產品有關，我們將繼續在這方面取得進展，這意味著隨著每個季度的進行，附加率會變得更高，我們傾向於提高其中一些產品的附加率。有些擁有更高的附加率，有些則仍有更大的成長空間。

So that's the way to think about it. I think it will be relatively stable over the next couple of years as it relates to a market perspective. I think the market is at a new steady state.

這就是思考這個問題的方式。我認為未來幾年它將相對穩定，因為這與市場前景有關。我認為市場正處於新的穩定狀態。

Yeah. That makes a lot of sense. Thank you. The follow-up is on your lending so far from the CRM conversions to Vault that you've already done. Maybe just highlight for us, what do you know today that you didn't know a year or two ago using the customer transition to Vault? And how is that helping you navigate some of the conversations on the ground?

是的。這很有意義。謝謝。後續行動是從您已經完成的 CRM 到 Vault 的轉換到現在為止您的貸款。也許只是向我們強調一下，透過客戶過渡到 Vault，您今天知道了哪些一兩年前不知道的事情？這如何幫助您進行一些實地對話？

Yes. So learnings, well, there's a significant difference from where we were two years ago to where we are today. A few years ago, it was really -- it was an idea what we had. Our idea and our strategy was just being formed. And so where we are today is a kind of remarkable difference in terms of what we've been able to achieve.

是的。因此，我們的學習情況與兩年前的情況和今天的情況有顯著差異。幾年前，這確實是我們的一個想法。我們的想法和策略才剛形成。因此，就我們所取得的成就而言，我們今天所處的位置是一個顯著的差異。

Now, a product and market that's at full functionality, we have our first early migrations, which are plan to be live -- the technical go-lives going -- happening this year and then some big migrations happening next year. So we've learned a lot, I would say, around the migration tooling. We've built the migration tooling, and now, we have confidence that we know what that needs to do.

現在，產品和市場功能齊全，我們進行了第一次早期遷移，計劃在今年上線（技術上），然後在明年進行一些大型遷移。我想說，我們在遷移工具方面學到了很多。我們已經建立了遷移工具，現在我們有信心知道需要做什麼。

We know -- you always find things as you go along, right? Your learn as you go along and we found things that didn't work, and we fixed it. And now, the migration is -- migration tooling and technology is in a good place. We've learned ways to help make it even more disruptive -- or, even less disruptive for customers. So I think we feel really good about that.

我們知道——你總是會在前進的過程中發現一些東西，對嗎？你邊走邊學，我們發現了一些不起作用的地方，並修復了它。現在，遷移工具和技術已經處於良好狀態。我們已經學會如何幫助其更具破壞性，或減少對客戶的破壞性。所以我認為我們對此感覺很好。

And then I think maybe the third thing is just thinking about, particularly for small and midsized customers how they're able to really take advantage of that move to Vault CRM very quickly and then turning on some of this new innovation very fast. Some of our new products like Service Center, Campaign Manager, and then over time, the areas like the connectivity with all PromoMats, the integration with the tighter connectivity with things like Microsoft and Teams and Outlook and everything else. So we learned a lot, and we're executing better, and we get better and better each quarter that goes on.

然後我認為第三件事可能只是考慮，特別是對於中小型客戶來說，他們如何能夠非常快速地真正利用向 Vault CRM 的遷移，然後非常快速地啟用一些新的創新。我們的一些新產品，如服務中心、行銷活動管理器，然後隨著時間的推移，諸如與所有 PromoMats 的連接、與 Microsoft、Teams 和 Outlook 等更緊密連接的整合等領域。所以我們學到了很多東西，我們執行得更好，而且每個季度我們都變得越來越好。

Great to hear. Thanks for that, Paul.

很高興聽到。謝謝你，保羅。

Brent Bracelin, Piper Sandler.

布倫特·布萊斯林，派珀·桑德勒。

Thank you. Good afternoon. Reading through the prepared remarks here and the commentary on the call so far, something reads and feels a little different relative to the top 20 appetite to lean into the broader Veeva portfolio here. I know, historically, you've talked about the top 20 governor being maybe engaging one product a year, but I get the sense that maybe there's a greater sense of urgency to move off of legacy and embrace maybe multiple products. Walk me through the level of dialogue you're having across the whole portfolio with these top 20. Is that the right read or is it a misread?

謝謝。午安.通讀這裡準備好的言論以及迄今為止對電話會議的評論，你會發現，相對於這裡的前 20 名傾向於更廣泛的 Veeva 產品組合的興趣，有些東西讀起來和感覺上有點不同。我知道，從歷史上看，您曾談到前 20 名州長可能每年都會使用一種產品，但我感覺到，也許有更大的緊迫感，需要擺脫傳統產品並擁抱多種產品。請跟我介紹一下您在整個投資組合中與這 20 名前 20 名的對話的程度。這是正確的解讀還是誤讀？

I think that read of more comprehensive going at things is probably pretty particular to the Development Cloud area because that's where our suite is the most mature and most prudent. But I would say in that area, yes, I wouldn't say dramatically more going fast and going all in, but a bit more than it was a year ago. And the for that are pretty mechanical because every year, if we deliver more products -- more high-quality products and have one more year of track record of customer success, it's a reinforcement function and that gives us a lot of -- that gives us a tailwind, but it's also a big responsibility.

我認為對開發雲端領域的更全面的了解可能是非常特殊的，因為那是我們的套件最成熟和最謹慎的地方。但我想說，在這方面，是的，我不會說速度更快、全力以赴，但比一年前要多一點。這是相當機械的，因為每年，如果我們提供更多的產品——更多高品質的產品，並擁有一年多的客戶成功記錄，這是一種強化功能，這給我們帶來了很多— —我們是順風車，但也是重大責任。

So for example, when the CIO of Boehringer Ingelheim said to everybody at Veeva, you know that we go with Veeva because your stuff works and you deliver on what you said. We take that pretty seriously, wow, that's a big responsibility. So we got to deliver what we said we're going to do. So every year we do that, trust increases, and trust is a business accelerator, as it should be.

例如，當勃林格殷格翰 (Boehringer Ingelheim) 的首席資訊長對 Veeva 的每個人說，你們知道我們選擇 Veeva 因為你們的產品有效並且你們兌現了你們所說的。我們非常認真地對待這一點，哇，這是一個很大的責任。所以我們必須兌現我們所說的我們要做的事情。因此，每年我們這樣做，信任都會增加，信任是商業加速器，這是理所當然的。

Helpful color. And then maybe, Brian, for you, 43.5% operating margin. This is kind of the highest we've seen out of Veeva on record. The biggest beat versus your guide in three years. A bit of a hot start for you for the first quarter out of the gate. But how should we think about the cost discipline you put in place in the quarter and leverage and it just -- your guide obviously implies you're going to have some additional expenses here in Q4. But walk us through the philosophy on cost discipline and leverage you showed this quarter and what it means here as we think about next year?

有用的顏色。布萊恩，對你來說，營業利益率可能是 43.5%。這是我們見過的 Veeva 有史以來的最高值。三年來對你的導遊最大的打擊。第一季的開局對你來說有點熱。但是，我們應該如何考慮您在本季實施的成本紀律和槓桿作用，您的指南顯然意味著您將在第四季度產生一些額外費用。但請讓我們了解一下您本季展示的成本紀律和槓桿理念，以及當我們考慮明年時它意味著什麼？

Hey, Brent. Thanks for the question. It's a nice start, certainly, but really a testament to the great execution from the Veeva team. More than half of that outperformance on the margin, as I mentioned, is due to the revenue side. And so that's outstanding execution across our sales team, our services teams, the product teams. The team is working to create value for our customers every day, so we're continuing to be really pleased with the execution on that front.

嘿，布倫特。謝謝你的提問。當然，這是一個好的開始，但確實證明了 Veeva 團隊的出色執行力。正如我所提到的，超過一半的利潤率表現來自於收入方面。這就是我們的銷售團隊、服務團隊和產品團隊的優秀執行力。團隊每天都在努力為我們的客戶創造價值，因此我們仍然對這方面的執行感到非常滿意。

And then as far as the second part of your question around our philosophy around cost management, no real change that I'd say to that philosophy. We think about managing costs on a period-by-period basis. We make investments in growth as we feel we need to. And there happened to be a few expenses this quarter that moved out to other quarters and then that ongoing cost discipline that you've heard from us in the past. So overall, strong execution from the team on both the top and the bottom line.

至於你的問題的第二部分，圍繞著我們的成本管理理念，我認為該理念沒有真正的改變。我們考慮逐期管理成本。我們根據需要對成長進行投資。本季度碰巧有一些費用轉移到了其他季度，然後是您過去從我們那裡聽到的持續的成本紀律。整體而言，團隊在營收和利潤方面的執行力都很強。

Helpful. Thank you.

有幫助。謝謝。

Stan Berenshteyn, Wells Fargo.

史丹貝倫斯坦，富國銀行。

Hi, thanks for taking my questions. First, I would just like to follow up on Vault CRM. At the Investor Day, you had suggested more top 20 commitments likely to be announced over the next 6 months or so. So clearly, these conversations are maturing. Now as you reflect on these discussions you're having with clients, what have been the gating factors to get these commitments? And with Vault CRM already out in the wild, as you say, how is the hurdle for these commitments come down at all?

您好，感謝您回答我的問題。首先，我想跟進 Vault CRM。在投資者日，您建議了可能在未來 6 個月左右公佈的更多前 20 項承諾。很明顯，這些對話正在成熟。現在，當您反思與客戶進行的這些討論時，獲得這些承諾的限制因素是什麼？正如您所說，隨著 Vault CRM 已投入使用，這些承諾的障礙是如何消除的呢？

Yeah. Hey, Stan. First, we're excited about where we are. We got our fourth top 20 commitment. We're executing really well. We're pleased with the progress there. I do continue to expect additional commitments over the next several months.

是的。嘿，史丹。首先，我們對我們所處的位置感到興奮。我們第四次獲得了前 20 名的承諾。我們執行得非常好。我們對那裡的進展感到滿意。我確實仍然期望在接下來的幾個月內做出更多承諾。

Yeah, I mean, it's a significant advantage having a real product, right? Having a product in the market, we have customers live, we have customers migrating to it, we're innovating in the product in many different ways. And I got to hear a lot about that innovation, our customers' reaction on innovation in person and at our Customer Summit event, everything from what Peter talked about, sales, marketing, and medical in a single Vault that's foundationally different.

是的，我的意思是，擁有真正的產品是一個顯著的優勢，對嗎？在市場上有產品，我們有活躍的客戶，我們有客戶遷移到它，我們正在以許多不同的方式創新產品。我聽到了很多關於創新的信息，我們的客戶親自以及在我們的客戶峰會活動上對創新的反應，彼得談到的一切，銷售、營銷和醫療都在一個根本不同的單一保險庫中。

Our AI strategy, we talked about how we're executing well against that. So in a sense, I would say, yeah, each deal that we have, we make a little more progress. But certainly, I would also kind of balance that with every customer is a little bit different.

我們討論了我們的人工智慧戰略是如何很好地執行的。所以從某種意義上來說，是的，我們達成的每筆交易，我們都會取得更多進展。但當然，我也會平衡每個客戶都有點不同。

They optimize for different things. We're certainly not going to win every deal, but we still expect to win the vast majority of the deals that are out there. And we're pleased with kind of where things stand and the progress we're making so far on top 20 and beyond.

他們針對不同的事情進行最佳化。我們當然不會贏得每筆交易，但我們仍然希望贏得絕大多數交易。我們對目前的情況以及我們迄今為止在前 20 名及以上取得的進展感到滿意。

Great. And then quickly on your pivot toward horizontal enterprise applications, when can we expect a more concrete product strategy that you'll be able to share with us? Thanks.

偉大的。然後，快速轉向橫向企業應用程序，我們什麼時候可以期待您能夠與我們分享的更具體的產品策略？謝謝。

I'll take that one. In terms of the new markets, horizontal business applications were taking a platform-specific approach there. In terms of any update in terms of exactly what application area or customer segment, there's no specific time line for that. We'll just have to let that play out, and we'll let you know when we have more information available.

我會接受那個。就新市場而言，橫向業務應用程式正在採取特定於平台的方法。至於具體應用領域或客戶群的任何更新，沒有具體的時間表。我們只需讓它發揮作用，當我們有更多可用資訊時，我們會通知您。

Great. Thank you.

偉大的。謝謝。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Yeah. Thanks for taking the question here. If you think about FY26, I know you're not giving formal guidance, but just any way of framing how we should think about the growth in the context of this year and your long-term targets?

是的。感謝您在這裡提出問題。如果您考慮 2026 財年，我知道您並沒有提供正式指導，而是以任何方式框架我們應該如何考慮今年的成長和您的長期目標？

And as we think about the macro environment, clearly, your numbers have been very resilient. But just given you do have longer sales cycles, have you seen any change in sort of the early stages of those larger deals that maybe layering in towards the back half of next year, for instance, that you would call out? Thank you.

當我們考慮宏觀環境時，很明顯，你們的數字非常有彈性。但考慮到你的銷售週期確實更長，你是否看到那些大型交易的早期階段有任何變化，例如，你會指出這些變化可能會在明年下半年分層？謝謝。

Hey, Tyler. So as Peter covered, I think we've got probably a little bit better visibility to next year, marginally speaking, than prior years. But we're not giving FY26 guidance. At this time, we'll do that after the Q4 results.

嘿，泰勒。正如彼得所說，我認為明年的能見度可能比前幾年更好。但我們不會提供 2026 財年指導。目前，我們將在第四季度結果公佈後進行此操作。

Overall, for the year, our updated guidance reflects subscription growth of about 15%. So really pleased with that growth rate against our long-term growth targets.

總體而言，我們今年更新的指導反映了訂閱量成長約 15%。對於我們的長期成長目標的成長率非常滿意。

Craig Hettenbach, Morgan Stanley.

克雷格‧赫滕巴赫，摩根士丹利。

Thanks. Just going back to the horizontal strategy and the strength in the core business margin profile today, how do you think about that in terms of perhaps giving you a little bit more leverage to make some of these investments as you get that going?

謝謝。回到今天的橫向策略和核心業務利潤率的實力，您如何看待在您開展這些投資時可能給您更多的槓桿作用？

Yeah, I'll take that one. Well, we -- first, we just have to do the right thing by the customers, and that's about keeping lean teams, product excellence, delivering a lot of value. And you see that in our financial profile, right? We spend almost twice as much in product as we do in sales and marketing. So that's really our focus being efficient.

是的，我會接受那個。嗯，我們——首先，我們只需要為客戶做正確的事情，那就是保持精幹的團隊、卓越的產品、提供大量的價值。您在我們的財務狀況中看到了這一點，對吧？我們在產品上的支出幾乎是銷售和行銷支出的兩倍。所以這確實是我們的重點是高效率。

And then for the horizontal business applications, I think it's not really that we need dollars to invest there. It's really -- you need a small team and a tiger team and a very focused team. So yes, we certainly have the capital to -- all the cash flows that we would need to invest in the new market horizontal business applications.

然後對於橫向業務應用程序，我認為我們實際上並不需要美元在那裡投資。這確實是——你需要一個小團隊、一個老虎團隊和一個非常專注的團隊。所以，是的，我們當然有資本——投資新市場橫向業務應用程式所需的所有現金流。

With the additional revenue that we have coming in, mostly, we're going to put that into customer support and customer success and new products and filling out our existing products inside of life sciences. So that's basically the way to think about that. The revenue in life sciences will really stay in life sciences.

隨著我們獲得的額外收入，我們將主要將其投入到客戶支援、客戶成功和新產品中，並充實我們生命科學領域的現有產品。這基本上就是思考這個問題的方式。生命科學領域的收入將真正留在生命科學領域。

Got it. And then I just had a follow-up question on services. Is that market looks to be stabilizing? How do you think about that on like a multiyear profile from a growth, even if it's a range? Like what's a reasonable growth assumption in services looking out next couple of years?

知道了。然後我有一個關於服務的後續問題。該市場看起來正在穩定下來嗎？您如何看待成長的多年概況，即使它是一個範圍？例如未來幾年服務業的合理成長假設是什麼？

Craig, this is Brian. So I think as with the revenue guidance, we won't give specific guidance on services revenue until after our Q4 results, but happy with how the team are continuing to execute and the momentum we saw coming out of Q3.

克雷格，這是布萊恩。因此，我認為與收入指導一樣，在第四季度業績公佈之前，我們不會給出有關服務收入的具體指導，但對團隊繼續執行的方式以及我們在第三季度看到的勢頭感到滿意。

Okay. Thanks.

好的。謝謝。

DJ Hynes, Canaccord.

DJ 海因斯，Canaccord。

Hey, guys. Congrats on nice quarter. Hey, Paul, one of the questions I've picked up since Salesforce reported earlier this week is that they called out life sciences cloud is a component of 3 of their top 10 deals in the quarter. I'm not asking you to speak for them. But as you see what's happening at your customers, is there any sense that Salesforce is showing up more often?

嘿，夥計們。恭喜您度過了美好的季度。嘿，Paul，自從 Salesforce 本週早些時候報道以來我提出的問題之一是，他們稱生命科學雲是其本季度十大交易中的 3 筆的組成部分。我不是叫你為他們說話。但是，當您看到客戶發生的情況時，您是否感覺到 Salesforce 出現得更頻繁了？

Yeah. I mean, it's certainly in our larger customers. They're in the vast majority of our customers having conversations. And that's no surprise, right? That's not something we -- what we are surprised about, we've expected to see that.

是的。我的意思是，這肯定是在我們的大客戶身上。我們絕大多數客戶都在進行對話。這並不奇怪，對吧？這不是我們感到驚訝的事情，我們預計會看到這一點。

In terms of, are they showing up more frequently? I don't know that there's a change. We certainly still see them in the market. And they're the primary competitor. I think as I alluded to before, IQVIA is out of the game, or product sunset.

就而言，他們出現得更頻繁嗎？我不知道有變化。我們當然仍然在市場上看到它們。他們是主要競爭對手。我認為正如我之前提到的，IQVIA 已經退出遊戲，或者說產品日落了。

We're competing with Salesforce. They don't have a product yet. So that's really who is -- who the primary competitor is at this point.

我們正在與 Salesforce 競爭。他們還沒有產品。這就是目前的主要競爭對手。

Yeah, okay. And then, Brian, a follow-up for you. Can you just remind me of the impact that TFC has on margins this year? And whether there's any normalization or reversal that we should be thinking about as we set our models for next year?

是啊，好吧。布萊恩，接下來是你的後續行動。您能否提醒我 TFC 今年對利潤率的影響？當我們設定明年的模型時，我們是否應該考慮正常化或逆轉？

Yeah. So on the TFC side, just recall that's predominantly a revenue side normalization, so it impacts the margins a bit. But I think we are certainly excited to jump into next year and to stop having both normalized for TFC and non-normalized for TFC results to report. On the revenue side, it impacted the growth rate year over year by about 2%.

是的。因此，在 TFC 方面，請記住，這主要是收入方面的正常化，因此它會對利潤率產生一些影響。但我認為我們當然很高興能夠進入明年並停止對 TFC 進行標準化和對 TFC 結果進行非標準化報告。在收入方面，它影響了年成長率約2%。

Okay. All right. Thank you.

好的。好的。謝謝。

Jailendra Singh, Truist Securities.

Jailendra Singh，Truist 證券公司。

Thank you, and thanks for taking my questions. I want to go back to Vault CRM. Congrats on the fourth top biopharma commitment. Can you confirm whether it's an existing CRM customer or your new CRM customer?

謝謝你，也謝謝你回答我的問題。我想返回 Vault CRM。祝賀第四位頂級生物製藥承諾。您能否確認是現有的 CRM 客戶還是您的新 CRM 客戶？

And related to that, can you remind us what is the average length of time from a customer commitment to evolve, to migration, to when they are live on the platform? If it is largely based on customer preferences, how do they typically think about when they want to migrate post commitment?

與此相關，您能否提醒我們，從客戶承諾發展到遷移，再到他們在平台上上線的平均時間是多少？如果主要基於客戶偏好，那麼當他們想要遷移後承諾時，他們通常會如何考慮？

Yeah, Jailendra. So let me take that second part first around migration. I would say it varies pretty significantly by the size and complexity of the customer. If you're a top 20 customer, it's likely very, very different than a small or midsized customer. A small customer may be migrated in, let's say, four weeks or six weeks. And then as you expand up to a top 20, that can take closer to two years, right? So we see that difference.

是的，賈蘭德拉。因此，讓我先討論第二部分關於遷移的內容。我想說，它因客戶的規模和複雜性而有很大差異。如果您是前 20 位客戶，則可能與中小型客戶非常非常不同。比如說，一個小客戶可能會在四個星期或六個星期內完成遷移。然後當你擴展到前 20 名時，可能需要接近兩年的時間，對吧？所以我們看到了這種差異。

In terms of their timing, when they make a commitment, the commitment depends on their time frame. We're not doing anything unnatural to try to force a commitment, and there's a lot of things that they have to think about. What's happening in their own business, the timing of, let's say, launches that they have, should they do the migration before launch or after a launch, so those kinds of things come into play.

就他們的時間安排而言，當他們做出承諾時，承諾取決於他們的時間框架。我們不會做任何不自然的事情來試圖強迫他們做出承諾，而且他們必須考慮很多事情。他們自己的業務中發生了什麼，比如說他們發布的時間，他們應該在發布之前還是發布之後進行遷移，所以這些事情都會發揮作用。

So each customer is a little bit different. They optimize for slightly different things. But our strategy is to make this minimally disruptive and as easy as possible to get them to a decision but also to the migration.

所以每個客戶都有點不同。他們針對略有不同的事情進行最佳化。但我們的策略是讓這種破壞性降到最低，並盡可能輕鬆地讓他們做出決定以及遷移。

And whether it's a new customer or an existing CRM customer?

是新客戶還是現有 CRM 客戶？

That question, Paul, was the top 20 win, was that a new customer for us or an existing customer?

Paul，這個問題是前 20 名獲勝者，是我們的新客戶還是現有客戶？

Yeah. So the top 20 that we just announced was an existing customer. So that was -- I think you're referring to the Boehringer Ingelheim announcement, is that what you're referring to, Jailendra?

是的。所以我們剛剛公佈的前 20 名都是現有客戶。所以，我想您指的是勃林格殷格翰的公告，Jailendra，您指的是這個嗎？

Yeah.

是的。

Yeah. So Boehringer Ingelheim has been a very long-term customer for Veeva in commercial and then over the last several years, last couple of years in R&D also. We've worked very closely with them in the commercial side, made them successful with Veeva CRM and they're putting their trust in us for Vault CRM for the long term, so yeah, existing customer.

是的。因此，勃林格殷格翰一直是 Veeva 商業領域的長期客戶，在過去的幾年裡，在研發領域也是如此。我們在商業方面與他們密切合作，使他們在 Veeva CRM 上取得了成功，並且他們對我們的 Vault CRM 長期信任，所以是的，現有客戶。

And my follow-up is on the decent acceleration in net head count increase in the quarter. Anything to read into that? I mean, clearly, you're seeing some good momentum here. Any particular areas you guys are focused on with respect to head count additions or is it more across the board?

我的後續行動是本季淨員工人數的大幅成長。有什麼值得讀的嗎？我的意思是，很明顯，你在這裡看到了一些好的動力。在人員數量增加方面，你們有哪些特別關注的領域，還是更全面的領域？

This is Brian. I'll take that question. So we were happy to see head count increase in the quarter. We're continuing to make investments in growth. It's broad-based, but certainly in our product areas is a key focus as we look ahead to next year and something we're pleased with the execution around the hiring of.

這是布萊恩.我來回答這個問題。因此，我們很高興看到本季員工人數增加。我們將繼續對成長進行投資。它基礎廣泛，但在我們的產品領域肯定是我們展望明年的關鍵焦點，並且我們對招募方面的執行感到滿意。

Thanks, guys.

謝謝，夥計們。

Andrew DeGasperi, BNP Paribas.

安德魯·德加斯佩里，法國巴黎銀行。

Thanks. I just had two questions. First, on the migration of these customers to Vault CRM. I was just wondering, do we start seeing an impact to gross margin? In other words, that royalty that you pay for Salesforce for Veeva CRM, is that going to improve over the next two years as these customers migrate? Or should we see this sort of improve later as the agreement ends?

謝謝。我只有兩個問題。首先，關於這些客戶遷移到 Vault CRM 的問題。我只是想知道，我們是否開始看到對毛利率的影響？換句話說，隨著這些客戶的遷移，您為 Salesforce 支付的 Veeva CRM 的使用費在未來兩年內會有所改善嗎？或者我們應該在協議結束後看到這種改進嗎？

There is some secular change in gross margins as we look out. But these recall are pretty long-range migrations. There's still a long time to go in the Vault migration story, both the decisions that customers are making as well as their migration away from Veeva CRM on the Salesforce platform towards Vault CRM on the Vault platform. And so that adjustment that shift to margins over time and that improvement will take some time for you to see in the results and really spread out between now and 2030.

據我們觀察，毛利率會發生一些長期變化。但這些召回是相當長距離的遷移。Vault 遷移過程還有很長的路要走，包括客戶做出的決策以及從 Salesforce 平台上的 Veeva CRM 遷移到 Vault 平台上的 Vault CRM。因此，隨著時間的推移，轉向利潤率的調整和改善將需要一段時間才能在結果中看到，並在現在到 2030 年之間真正展開。

Thanks. And then just on the direct-to-consumer advertising comments you made earlier. I just -- if you could remind us, I mean, is it Crossix the one product that really is focused on that or is there others within the commercial cloud portfolio? And maybe if you could add in as well, is that really -- in terms of the strength that you saw this year, has this been a change versus previous year?

謝謝。然後就是您之前發表的直接面向消費者的廣告評論。我只是 - 如果你能提醒我們，我的意思是，Crossix 是真正專注於此的產品，還是商業雲產品組合中還有其他產品？也許你也可以補充一下，就今年看到的實力而言，這真的與去年相比有變化嗎？

Yeah. Crossix is the one on Veeva's most involved with direct-to-consumer advertising with some Measurement and the Audiences around that. Now it's direct to consumer, but it's also to the health care providers as well. So Crossix is not only in direct-to-consumer. And Crossix has been performing well for us, but also what's been performing well for us is CRM and the add-ons, the commercial content, and also our data products, data cloud, Veeva Link, and Veeva Compass. So in the commercial area, we've had pretty broad-based strength.

是的。Crossix 是 Veeva 上參與直接面向消費者廣告最多的公司，並圍繞此進行了一些衡量和受眾。現在它直接面向消費者，但也面向醫療保健提供者。因此，Crossix 不僅僅是直接面向消費者。Crossix 一直為我們表現良好，但 CRM 和附加元件、商業內容以及我們的資料產品、資料雲、Veeva Link 和 Veeva Compass 也為我們表現良好。因此，在商業領域，我們擁有相當廣泛的實力。

Great. Thank you.

偉大的。謝謝。

David Larsen, BTIG.

大衛‧拉森，BTIG。

Hi. Congratulations on the very good quarter. The CROs have obviously reported some challenges. Obviously, you're not a CRO doing the clinical trials, but you do sell into that space. Can you maybe just talk about what the difference is there? Why are they seeing challenges that you are not?

你好。恭喜這個非常好的季度。CRO 顯然報告了一些挑戰。顯然，您不是進行臨床試驗的 CRO，但您確實在該領域進行銷售。能簡單談談有什麼差別嗎？為什麼他們看到了你沒有看到的挑戰？

And has there been any impact to like things like Study Training or Site Connect or any more of those clinical-trial-related focused products? Thank you.

對 Study Training 或 Site Connect 等與臨床試驗相關的產品有什麼影響嗎？謝謝。

This is Peter, I'll take that one. The CROs, they do make a lot of their revenue as associated with particular studies. So as a customer is planning a study and then they're deciding to go forward and then they're bidding out services and the CRO selects and wins the services, that's a long lag time until the CRO gets revenue and they get revenue from that -- from those studies over the next year or two years or even three years.

這是彼得，我就選那個。CRO 確實透過特定研究獲得了大量收入。因此，當客戶計劃一項研究，然後他們決定繼續進行，然後他們競標服務，CRO 選擇並贏得服務時，在 CRO 獲得收入並從中獲得收入之前，這是一個很長的滯後時間——來自未來一年、兩年甚至三年的研究。

So I would say, a year or so ago and two years ago and one year ago, there were more customers facing uncertainty and certainly smaller customers facing funding issues, and so they were stopping planned trials. They don't usually stop the trials that were in flight. So they were maybe stopping some planned trials that would have turned into CRO revenue maybe this year. So that's maybe my best estimate of what you're seeing from the CRO.

所以我想說，大約一年前、兩年前和一年前，有更多的客戶面臨不確定性，當然還有較小的客戶面臨資金問題，因此他們停止了計劃中的試驗。他們通常不會停止正在進行的試驗。因此，他們可能會停止一些計劃中的試驗，這些試驗可能會在今年轉化為 CRO 收入。這可能是我對 CRO 的最佳估計。

How does that affect Veeva? It doesn't really because most of our revenue is not on a study-by-study basis. CRO is a good channel for us, and some of that is study by study. For example, the EDC is study-by-study standardization and supply management is study by study for us in the CRO. But for example, our eTMF product and our CTMS product, those are long-term enterprise license agreements that are not affected by the ups and downs of study volumes. So we're not 100% insulated from the ups and downs in studies, but pretty darn close.

這對 Veeva 有什麼影響？事實並非如此，因為我們的大部分收入都不是基於逐次研究的。CRO對我們來說是一個很好的管道，其中一些是透過研究來實現的。例如，EDC 是逐項研究的標準化，供應管理對我們來說是逐項研究的 CRO。但例如我們的eTMF產品和CTMS產品，這些都是長期的企業授權協議，不受研究量起伏的影響。因此，我們並不是 100% 不受研究中的起起落落的影響，但也非常接近了。

Thanks very much. And then for Vault CRM wins, I think there were 14 in the quarter. That seems like a very good number. They were like three and five and five in fiscal 3Q and 4Q of '24 and 1Q of '25. 14 sounds like a lot. Is that a new sort of steady state? Thanks.

非常感謝。然後，對於 Vault CRM 的勝利，我認為本季有 14 個勝利。這似乎是一個非常好的數字。在 24 財年第三季和第四季以及 25 財年第一季度，他們的數量就像三、五、五。 14 聽起來很多。這是一種新的穩態嗎？謝謝。

Yeah. So I think it was -- it might have been 13, if I remember the exact number correctly. But we see roughly that amount in the quarter.

是的。所以我認為——如果我沒記錯的話，可能是 13。但我們在本季大致看到了這個數字。

In fact, I think it was 13 exactly. We see roughly that amount each quarter. I think about it as these are companies most likely that are choosing CRM system. So most customers that have products in market already, they already have some sort of system.

事實上，我認為正好是 13。我們每個季度都會看到大約這個數字。我認為這些是最有可能選擇 CRM 系統的公司。因此，大多數已經在市場上擁有產品的客戶，他們已經擁有某種系統。

Yes, there's still some of them to win. But the vast majority of the 13 are pre-commercial companies, they may be getting their field medical teams or getting prepared for their commercial launch and that's what we're winning.

是的，還有一些人需要贏得勝利。但這 13 家公司中的絕大多數都是預商業公司，他們可能正在組建現場醫療團隊或為商業發布做好準備，這就是我們所贏得的。

And we're winning virtually all of those deals that are out there, and that's the -- that's super exciting for us, and a lot of these customers will continue to grow and expand as they go from their pre-commercial stage into something that's commercial and even larger. But yes, we're winning -- our win rate is very, very high.

我們幾乎贏得了所有現有的交易，這對我們來說非常令人興奮，許多客戶將在從預商業階段進入商業階段時繼續增長和擴張。但是，是的，我們正在贏球——我們的勝率非常非常高。

Thanks very much.

非常感謝。

Charles Rhyee, Cowen.

查爾斯·萊伊、考恩.

Yeah, thanks for taking my questions. I wanted to ask about, obviously, with the Walgreens strategic partnership, maybe talk about a little bit more where you think you are in your journey in adding data sources to Compass and Data Cloud in general? And maybe just give us a sense on how you feel sort of your competitive position in the market there is currently?

是的，謝謝你回答我的問題。顯然，我想問一下與沃爾格林的策略合作夥伴關係，也許可以多談談您認為在向指南針和資料雲添加資料來源的過程中您處於什麼階段？也許只是讓我們來了解一下您目前在市場上的競爭地位如何？

I'll take that one. It's Peter. We're always looking for new data sources, and we look at that and we're patient when we evaluate things and when we see an opportunity to increase our data network. We'll take that, if it's a reasonable opportunity. So Walgreens was a great partnership that we can have, and there's more of those we can do.

我會接受那個。是彼得。我們一直在尋找新的資料來源，當我們評估事物以及看到增加資料網路的機會時，我們會注意這一點並保持耐心。如果這是一個合理的機會，我們會接受。因此，沃爾格林是我們可以建立的良好合作關係，而且我們可以做更多的事情。

In terms of our competitive position with our data network, I think we have the strongest data network in the industry. Remember that powers Compass and it also powers Crossix, and it's a patient-first data network. So we're getting a lot of data that has to do with patient data, not just retail pharmacy data. So I feel really comfortable with where we're at and the number of data sources we have and the way we do the matching of the patient data across multiple sources in a very accurate way.

就我們數據網路的競爭地位而言，我認為我們擁有業界最強大的數據網路。請記住，它為 Compass 提供動力，也為 Crossix 提供動力，而且它是一個以患者為先的數據網路。因此，我們獲得了大量與患者數據相關的數據，而不僅僅是零售藥房數據。因此，我對我們所處的位置、我們擁有的數據源數量以及我們以非常準確的方式跨多個來源匹配患者數據的方式感到非常滿意。

And that leads us to be able to make great products in both Compass and the Measurement and Audiences, but also -- in Crossix, but also in Compass for our Patient product and our Prescriber product. Those are pretty disruptive products for the industry.

這使我們能夠在 Compass 和測量和受眾領域製造出色的產品，而且在 Crossix 中，也在 Compass 中為我們的患者產品和處方者產品製造出色的產品。這些對於該產業來說是相當顛覆性的產品。

There's a way that they've been doing things for multiple years. We're bringing out a bit of a disruptive way. So change takes time, but every quarter, we're adding more customers and more customers for Compass patients, and we've got a flywheel going there. It's a little flywheel as right now, but it's spinning, and I'm very happy with it.

他們多年來一直在做某事。我們正在推出一種顛覆性的方式。因此，改變需要時間，但每個季度，我們都會為 Compass 患者增加更多的客戶，我們已經有了飛輪。它和現在一樣是一個小飛輪，但它正在旋轉，我對此感到非常滿意。

That's helpful. And maybe just a follow-up on Crossix. Obviously, a key driver of growth in commercial. Can you give us a sense what the Crossix growth rate has been through the first three quarters relative to the 11% growth for commercial? Just give us a sense it -- is it great or is it in line? Any color there would be helpful. Thanks.

這很有幫助。也許只是 Crossix 的後續。顯然，商業成長的關鍵驅動力。您能否向我們介紹一下 Crossix 前三個季度的成長率（相對於商業版 11% 的成長率）？只是讓我們感覺一下——它很棒還是符合要求？任何顏色都會有幫助。謝謝。

This is Brian. I'll take that one. We won't get into specific product level growth rates. But overall pleased with how the Crossix team has performed this year and executed against the market opportunity. It's a really strong and healthy growing market, and we're continuing to take share in that and something we hope to continue going forward.

這是布萊恩.我會接受那個。我們不會討論具體的產品水準成長率。但總體而言，Crossix 團隊對今年的表現以及抓住市場機會的表現感到滿意。這是一個非常強大且健康成長的市場，我們將繼續在其中佔據份額，並希望繼續向前發展。

Okay, thank you.

好的，謝謝。

Brad Sills, Bank of America.

布拉德·希爾斯，美國銀行。

Great. Thank you so much. I wanted to ask a question on just the general demand environment. It sounds like things are fairly stable, but maybe some green shoots that you're seeing in the big pharma. I think in some of the prepared remarks, segment of the commercial business, if I'm not -- I'm sorry, the R&D business, if I'm reading that properly. So are you seeing any kind of indications that things might be turning positive here just in the general spending environment? Thank you.

偉大的。太感謝了。我想問一個關於整體需求環境的問題。聽起來事情相當穩定，但也許你在大型製藥公司看到了一些萌芽。我認為在一些準備好的發言中，商業業務的一部分，如果我沒有——我很抱歉，研發業務，如果我沒有正確閱讀的話。那麼您是否看到任何跡象表明總體支出環境可能會出現積極的變化？謝謝。

I think yeah, it's a great environment for Veeva. I wouldn't say great. I think it's stabilized. So as we compare to a year ago, it's a bit better, but these are long-term capabilities, especially in the Development Cloud and with the larger customers, long-term capabilities that they're putting in. So it's not going to have dramatic ups and downs. But what I'm encouraged about is the trains -- these are big trains and they're moving. And that's what we need to support our 2030 goals, and our goal is to add more value to the industry overall.

我想是的，這對 Veeva 來說是一個很棒的環境。我不會說很好。我覺得已經穩定了因此，與一年前相比，情況要好一些，但這些都是長期能力，尤其是在開發雲端方面，以及更大的客戶，他們正在投入的長期能力。所以它不會有劇烈的起伏。但令我感到鼓舞的是火車——這些都是大型火車，而且它們正在行駛。這就是我們支持 2030 年目標所需的，我們的目標是為整個產業增加更多價值。

So I was encouraged. I was really encouraged with the progress this last quarter. I was encouraged and energized by the individual discussions that the Veeva team was having with senior executives and that I was having with senior executives. So it was a good quarter.

所以我受到了鼓勵。上個季度的進展讓我深受鼓舞。Veeva 團隊與高階主管以及我與高階主管進行的個人討論讓我深受鼓舞和充滿活力。所以這是一個很好的季度。

That's great to hear. And then anything -- any update on the re-platforming effort? How do you feel about taking that to some of the larger accounts? Are you getting to the point where you're comfortable doing that? And any kind of early indications of how that's going? Thank you.

很高興聽到這個消息。然後還有什麼——平台重建工作有什麼更新嗎？您對將其轉移到一些較大的帳戶有何看法？您已經到了可以輕鬆這樣做的地步了嗎？有任何關於進展的早期跡象嗎？謝謝。

Yes, the re-platforming of Veeva CRM on to Vault CRM, very comfortable with that. We announced it two years ago. Of course, you're not comfortable with anything when you announced it two years ago. You announced the plan and it's an audacious plan and you have to execute on it. So you better be paranoid at that time for obvious reasons, and we were. We were really focused.

是的，將 Veeva CRM 重新平台到 Vault CRM，對此非常滿意。我們兩年前就宣布了這一點。當然，當你兩年前宣布的時候，你對任何事情都不滿意。你宣布了​​這個計劃，這是一個大膽的計劃，你必須執行它。因此，出於顯而易見的原因，你當時最好保持偏執，我們也是如此。我們真的很專注。

We have live customers now. We have so many of the product features that we needed into the platform. We've adapted the existing CRM product to where we need it and now it's full functionality as compared Vault CRM's co-functionality compared to Veeva CRM and we have these two new applications: Campaign Manager and Service Center. So it's definitely ready, and we're really excited to have -- if you would have told me two years ago, if you said, hey, here's where you'll be two years from now, I would be take that at heartbeat at the ecstatic. It means that the bears didn't come out we got through the forest. So I'm very happy with that.

我們現在有活躍的客戶。我們擁有該平台所需的許多產品功能。我們已經根據需要對現有 CRM 產品進行了調整，現在與 Vault CRM 相比 Veeva CRM 的聯合功能，它具有完整的功能，並且我們擁有這兩個新應用程式：Campaign Manager 和 Service Center。所以它肯定已經準備好了，我們真的很興奮——如果你在兩年前告訴我，如果你說，嘿，這就是你兩年後的位置，我會毫不猶豫地接受這一點欣喜若狂。這意味著熊沒有出來，我們穿過了森林。所以我對此感到非常高興。

That's great to hear. Thanks, Peter.

很高興聽到這個消息。謝謝，彼得。

Steven Valiquette, Mizuho Securities.

史蒂文·瓦利奎特，瑞穗證券。

Great, thanks. Good afternoon, and thanks for taking the questions. Good to be covering the company again.

太好了，謝謝。下午好，感謝您提出問題。很高興再次報道該公司。

Just a couple of questions here. First, on the Development Cloud. On the back of our initiation, we did some channel checks on industry R&D spending trends, et cetera. And one of the questions I wanted to ask on that was actually just touched on, on the last question, but maybe just to drill in a little bit deeper.

這裡只有幾個問題。首先，在開發雲端上。在我們啟動後，我們對行業研發支出趨勢等進行了一些管道檢查。我想問的一個問題其實只是觸及了最後一個問題，但也許只是為了更深入地探討。

I mean, it does look like clinical trial starts globally are actually growing again now for the last two quarters after declining for year over year for a couple of years. So I'm just curious as the follow-up question around that, do you guys actually look carefully at data points like that or do you just focus more on your own customer discussions, et cetera, that you just alluded to as far as your assessment of the marketplace?

我的意思是，在連續幾年逐年下降之後，全球臨床試驗啟動量在過去兩個季度實際上再次成長。因此，我很好奇圍繞這個問題的後續問題，你們是否真的仔細查看了這樣的數據點，還是只是更多地關注自己的客戶討論等等，您剛才提到的市場評估？

And then the only other quick follow-up question really is just at the Analyst Day a few weeks ago, the way you guys broke down your total revenue base by customer type was just a little bit different this year than it was last year. So I'm hoping you can just remind us again, what percent of your total book of business relates to CRO customers just from a percentage of revenue standpoint? I recall it was no more than 5% last year, but I just wanted to confirm if that was still the case currently. Thanks.

然後唯一的另一個快速跟進問題確實是在幾週前的分析師日上，你們按客戶類型細分總收入基礎的方式今年與去年略有不同。因此，我希望您能再次提醒我們，僅從收入百分比的角度來看，您的總業務中與 CRO 客戶相關的百分比是多少？我記得去年不超過5%，但我只是想確認現在是否仍然如此。謝謝。

Hey, Steven, let me take the first question, and I'll turn it over to Brian to talk a little bit about CRO revenue and what percent that is. Clinical trial starts, yeah, we certainly pay attention to that. It's one metric of many, but I just caution you from over-indexing on any single metric. We certainly don't do that. You heard Peter talk a little bit about how we're insulated from some of the near-term changes in clinical trial volumes as an example. So we don't over-index there.

嘿，史蒂文，讓我回答第一個問題，我會將其交給布萊恩，讓他談談 CRO 收入以及百分比是多少。臨床試驗開始了，是的，我們當然關注這一點。這是眾多指標中的一個，但我只是警告您不要對任何單一指標過度索引。我們當然不會這麼做。作為一個例子，您聽到 Peter 談到了我們如何免受臨床試驗量的一些近期變化的影響。所以我們不會在那裡過度索引。

Obviously, over the long term, that matters. In the near term, it's not so important because most of our deals and our customers' buying patterns are more for enterprise capabilities than they are for clinical trial starts. So yes, we pay attention, but not a single metric as the most important.

顯然，從長遠來看，這很重要。從短期來看，這並不那麼重要，因為我們的大多數交易和客戶的購買模式更多的是針對企業能力，而不是針對臨床試驗的啟動。所以，是的，我們關注，但沒有一個指標是最重要的。

I'll turn it over to Brian to talk a little about -- to answer your second question on CRO revenue.

我將把它交給 Brian 來談談——回答你關於 CRO 收入的第二個問題。

Yeah. So on the second part of your question around CRO revenue specifically, at Investor Day, as you saw, we embedded the CRO channel within top 20 enterprise and SMB, so it's a little bit harder for the year-over-year comparison. But the last time we disclosed it, it was about 5% of revenue, and it's not materially changed from that.

是的。因此，關於您關於 CRO 收入的問題的第二部分，特別是在投資者日，正如您所看到的，我們將 CRO 管道嵌入到前 20 名企業和中小企業中，因此同比比較有點困難。但上次我們揭露時，大約佔收入的 5%，與此相比並沒有實質變化。

Got it. Okay. All right. Thank you.

知道了。好的。好的。謝謝。

This concludes our Q&A session. I'll now turn the conference back over to Veeva's CEO, Peter Gassner, for closing remarks.

我們的問答環節到此結束。我現在將會議轉回 Veeva 執行長 Peter Gassner 致閉幕詞。

Thank you, everyone, for joining the call today, and thank you to our customers through continued partnership and to the Veeva team for your outstanding work in the quarter. Thank you.

感謝大家今天加入電話會議，感謝我們的客戶透過持續的合作夥伴關係以及 Veeva 團隊在本季度的出色工作。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。